Mosman made a bid for the Melbourne-based company in December, but that offer was quickly pushed aside in favour of the Neon deal as the MEO board found it to be an inferior deal.

The original offer was for 1 Mosman share for every 20 MEO shares, generating an implied value of about 1.65c per MEO share, far below the implied value of the Neon offer at the time, which amounted to 2.65c per MEO share.

Mosman chairman John Barr said at the time that his directors believed the proposed merger between MEO and Neon would not occur and that their own takeover bid afforded MEO shareholders a "viable alternative".

Now, stashing away its crystal ball and stifling its "told ya so's" Mosman's new offer has upped the ante, doubling to 1 Mosman share for every 10 MEO shares and additionally dropping a number of its previous defeating conditions.

With Neon now out of the picture, Mosman has also negated the condition that MEO shareholders reject that offer.

It is unclear at this time whether other conditions remain intact with the Mosman offer, such as a 90% minimum acceptance by MEO shareholders.

The board of MEO has advised its shareholders that it will consider the new bid, but that they should take no action until the board has released its formal recommendation.